<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _______.
Commission File Number 333-31197-04
------------
IMC HOME EQUITY LOAN TRUST 1998-1
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 13-3994974
------------------------------- ------------------
(State of other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
c/o The Chase Manhattan Bank
Structured Finance Services
450 West 33rd Street, New York, NY 10001-2697
- ---------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 984-8801
---------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered:
None None
- ---------------------------- ------------------------------------------
None
- --------------------------------------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X ]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
Not Applicable
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1998-1
INDEX
<TABLE>
<CAPTION>
Page
<S> <C>
PART I ......................................................................... 3
ITEM 1 - BUSINESS .................................................. 3
ITEM 2 - PROPERTIES ................................................ 3
ITEM 3 - LEGAL PROCEEDINGS
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS ................................................... 3
PART II ........................................................................ 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS ............................... 3
ITEM 6 - SELECTED FINANCIAL DATA ................................... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............. 4
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK ............................................... 4
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ............... 4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE ................... 4
PART III ....................................................................... 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT ................................................ 4
ITEM 11 - EXECUTIVE COMPENSATION .................................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT ..................................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS............................................... 8
PART IV ........................................................................ 8
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K ........................................ 8
SIGNATURES ..................................................................... 10
INDEX TO EXHIBITS .............................................................. 11
</TABLE>
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<PAGE> 3
PART I
ITEM 1 - BUSINESS
Not Applicable
ITEM 2 - PROPERTIES
Not Applicable
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the IMC Home Equity Loan Trust 1998-1 (the "Trust"),
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated March 1, 1998, among The Chase Manhattan Bank, as trustee (the "Trustee"),
IMC Securities, Inc., as depositor (the "Depositor") and IMC Mortgage Company,
as servicer (the "Servicer"); the Trustee; the Depositor; or the Servicer which
relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7IO Certificates, Class M-1 Certificates, Class M-2
Certificates and Class B Certificates issued by the Trust are held by the
Depository Trust Company ("DTC") which in turn maintains records of holders of
beneficial interests in such Certificates. Based on information obtained by the
Trust from DTC, as of February 22, 1999, there were 9 holders of the Class A-1
Certificates, 18 holders of the Class A-2 Certificates, 34 holders of the Class
A-3 Certificates, 25 holders of the Class A-4 Certificates, 1 holder of the
Class A-5 Certificates, 7 holders of the Class A-6 Certificates, 1 holder of the
Class A-7IO Certificates, 8 holders of the Class M-1 Certificates, 7 holders of
the Class M-2 Certificates and 3 holders of the Class B Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable
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<PAGE> 4
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Not Applicable
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1998
was $3,458,048.57.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no disagreements on accounting or financial disclosures
between IMC Mortgage Company ("IMC") and its accountants.
On February 16, 1999 IMC appointed Grant Thornton L.L.P. as the
independent accounting firm and dismissed PricewaterhouseCoopers L.L.P.
IMC's decision was made after discussions with and in accordance with
directions by the Securities and Exchange Commission. See IMC's Form 8-K dated
as of February 16, 1999 for more details.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (I) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of Class
A,M and B Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Class A Certificates is based upon information obtained by the
Trust from DTC and represents ownership of beneficial interest in the
Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G
filed with the Securities and Exchange Commission in respect of the
Certificates.
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<PAGE> 5
<TABLE>
<CAPTION>
DTC Participant Number
(Name and Address below) Principal Amount % of Class
- ------------------------ ---------------- -----------
<S> <C> <C>
Class A-1
903 $ 52,470,000 15.7%
954 $ 27,151,000 8.1%
902 $103,200,000 30.9%
908 $ 25,000,000 7.5%
2669 $ 29,349,000 8.8%
997 $ 70,800,000 21.2%
Class A-2
903 $ 28,560,000 20.8%
954 $ 21,375,000 15.5%
902 $ 56,125,000 40.8%
2849 $ 10,000,000 7.3%
Class A-3
901 $ 9,775,000 6.5%
352 $ 25,000,000 16.5%
954 $ 19,100,000 12.6%
908 $ 10,000,000 6.6%
2669 $ 13,700,000 9.1%
997 $ 20,300,000 13.4%
2376 $ 17,920,000 11.9%
Class A-4
903 $ 7,645,000 7.5%
902 $ 25,830,000 25.4%
725 $ 5,780,000 5.7%
997 $ 48,635,000 47.9%
Class A-5
997 $ 70,310,000 100.0%
Class A-6
901 $ 5,000,000 7.1%
954 $ 53,650,000 76.6%
997 $ 5,250,000 7.5%
Class A-7IO
2669 $ 70,000,000 100.0%
Class M-1
901 $ 15,500,000 32.6%
954 $ 9,900,000 20.8%
902 $ 10,000,000 21.1%
2027 $ 7,000,000 14.7%
2669 $ 3,475,000 7.3%
</TABLE>
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<PAGE> 6
<TABLE>
<CAPTION>
<S> <C> <C>
Class M-2
901 $ 14,000,000 31.1%
352 $ 3,000,000 6.7%
954 $ 5,000,000 11.1%
902 $ 8,700,000 19.3%
2027 $ 7,000,000 15.6%
997 $ 6,300,000 14.0%
Class B
954 $ 4,000,000 9.4%
902 $ 8,500,000 20.0%
2669 $ 30,000,000 70.6%
</TABLE>
<TABLE>
DTC Participant Number Name and Address
- ---------------------- ----------------
<S> <C>
50 Morgan Stanley & Co. Incorporated
One Pierrepont Plaza, 7th Floor
Brooklyn, NY 11201
245 DB Clearing Services (Deutsche Morgan Grenfell)
175 Water Street
New York, NY 10038
352 Bear Stearns Securities Corp.
One Metrotech Center North, 4th Floor
Brooklyn, NY 11201-3862
652 PWI CMO Account
1000 Harbor Blvd., 8th Floor
Weehawken, NJ 07087
725 Raymond, James & Associates, Inc.
880 Carillon Parkway
St. Petersburg, FL 33733
780 Morgan, Keegan & Company, Inc.
50 North Front Street
Memphis, TN 38103
901 Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094
902 Chase Manhattan Bank
Trim Supervisor 13th Floor
4 New York Plaza
New York, NY 10004
903 Bankers Trust Company
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN 37211
908 Citibank, N.A.
P.O. Box 30576
Tampa, FL 33630-3576
913 Fleet Bank of Massachusetts, N.A.
Fleet Services Corp
2nd Floor NYROTO2B
Rochester, NY 14638
</TABLE>
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<PAGE> 7
<TABLE>
<S> <C>
954 Boston Safe Deposit & Trust Co.
c/o Mellon Bank N.A.
Three Mellon Bank Center,Room 153-3015
Pittsburgh, PA 15259
997 SSB-Custodian
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
2027 Norwest Bank Minnesota, NA
733 Marquette Avenue
Minneapolis, MN 55479-0056
2116 Fifth Third Bank (The)
Dept. 00850 - Proxy
38 Fountain Square Plaza
Cincinnati, OH 45263
2145 Union Bank Of California, N.A.
P.O Box 109
San Diego, CA 92112-4103
2173 The Bank of New York/CDC Spreadbook
One Wall Street
New York, NY 10286
2234 U.S. Bank National Association/Safekeeping
First Trust Center SPFT 0913
180 East Fifth Street, 9th Floor
St. Paul, MN 55101
2255 Bank One Trust Company, N.A.
235 W. Schrock Road
Brooksedge Village
Westerville, OH 43081
2376 Wachovia Bank/Safekeeping
301 N. Main Street, NC 31058
Winston-Salem, NC 27150
2438 The Bank of New York/Western Trust Company
One Wall Street
New York, NY 10286
2669 Northern Trust Company
801 S. Canal C-In
Chicago, IL 60607
2827 Investors Fiduciary Trust Company/SSB
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
2834 PNC Bank, N.A./Pittsburgh
One PNC Plaza, 9th Floor, 249 5th Avenue
Pittsburgh, PA 15222-7707
2839 U.S. Bank National Association
MPFP 1603 Proxy Unit
601 Second Avenue South
Minneapolis, MN 55402
2849 Chase Manhattan Bank Trust Co. of California
4 New York Plaza
</TABLE>
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<PAGE> 8
<TABLE>
<S> <C>
Proxy Department 13th Floor
New York, NY 11201
2914 Provident Bank (THE)
One East Fourth Street
Mail Stop 666D
Cincinnati, OH 45202
5198 Merrill Lynch, Pierce Fenner & Smith Safekeeping
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
</TABLE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
Part IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
(b) Reports on Form 8-K
10 reports on Form 8-K have been filed by the issuer during the period covered
by this report.
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<PAGE> 9
<TABLE>
<CAPTION>
DATE OF REPORTS ON FORM 8-K ITEMS REPORTED/FINANCIAL
STATEMENTS FILED
<S> <C>
April 20, 1998 Trustee's Monthly Report for the March
Monthly Period.
May 20, 1998 Trustee's Monthly Report for the April Monthly
Period.
June 22, 1998 Trustee's Monthly Report for the May Monthly Period.
July 20, 1998 Trustee's Monthly Report for the June Monthly Period.
August 20, 1998 Trustee's Monthly Report for the July
Monthly Period.
September 21, 1998 Trustee's Monthly Report for the August
Monthly Period.
October 20, 1998 Trustee's Monthly Report for the September
Monthly Period.
November 20, 1998 Trustee's Monthly Report for the October
Monthly Period
December 21, 1998 Trustee's Monthly Report for the November
Monthly Period
January 20, 1999 Trustee's Monthly Report for the December Monthly Period
</TABLE>
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<PAGE> 10
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: IMC Securities, Inc.,
As Depositor
By: /s/ Thomas G. Middleton
---------------------------------------
Name: Thomas G. Middleton
Title: President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
---------------------------------------
Name: Stuart D. Marvin
Title: Chief Financial Officer
Date: March 19, 1999
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<PAGE> 11
INDEX TO EXHIBITS
Item 14(C)
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
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<PAGE> 1
EXHIBIT 99.1
IMC HOME EQUITY LOAN TRUST 1998-1
Officer's Certificate
In connection with the above-referenced trust and pursuant to Section 8.16 of
the related Pooling and Servicing Agreement ("Agreement"), IMC Mortgage Company
(as "Servicer"), hereby confirms the following:
(i) a review of the activities of the Servicer during 1998 and of
performance under the Agreement has been made under my supervision; and
(ii) to the best of my knowledge, based on such review, the Servicer has
fulfilled all of its obligations under the Agreement for the calendar year
1998.
IMC Mortgage Company
By: /s/ Thomas G. Middleton
----------------------------
Thomas G. Middleton
President & Chief Operating Officer
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<PAGE> 1
EXHIBIT 99.2
Report of Independent Accountants
Uniform Single attestation Program
To the Board of Directors
IMC Mortgage Company and Subsidiaries
We have examined the assertion by IMC Mortgage Company and Subsidiaries'
management about compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Brokers (USAP) as of and for the year ended December 31,
1998, included in the accompanying management assertion. Management is
responsible for IMC Mortgage Company and Subsidiaries' compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards.
In our opinion, management's assertion that IMC Mortgage Company and
Subsidiaries complied with the aforementioned minimum servicing standards as of
and for the year ended December 31, 1998 is fairly stated, in all material
respects.
/s/ Grant Thornton L.L.P.
- -------------------------------------
Grant Thornton L.L.P.
Tampa, Florida
March 31, 1999
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<PAGE> 2
[IMC MORTGAGE COMPANY(R) LOGO] 5901 East Fowler Avenue
Tampa, FL 33617-2362
phone (813) 984-8801
(800) 776-2211
fax (813) 984-2595
March 23, 1999
Grant Thornton LLP
101 E. Kennedy Blvd. - Suite 3850
Tampa, FL 33602-5154
As of and for the year ended December 31, 1998, IMC Mortgage Company and
Subsidiaries has complied in all material respects with minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. As of and for the year ended
December 31, 1998, IMC Mortgage and Subsidiaries had in effect a fidelity bond
policy in the amount of $8,000,000. For the period January 1 to June 30, 1998,
IMC Mortgage Company and Subsidiaries had in effect an Errors and Omissions
policy in the amount of $2,000,000. As of and for the six months ended
December 31, 1998, IMC Mortgage Company and Subsidiaries had in effect an
Errors and Omission policy in the amount of $3,000.000.
/s/ Stuart D. Marvin
- -----------------------
Stuart D. Marvin
Chief Financial Officer
<PAGE> 1
EXHIBIT 99.3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: APRIL 1998-JANUARY 1999 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,270,000.00 334,270,000.00 178,089,005.96 13,278,402.37 191,367,408.33 156,180,994.04
A-2 137,610,000.00 137,610,000.00 0.00 7,235,992.50 7,235,992.50 137,610,000.00
A-3 151,170,000.00 151,170,000.00 0.00 8,074,997.50 8,074,997.50 151,170,000.00
A-4 101,640,000.00 101,640,000.00 0.00 5,590,200.00 5,590,200.00 101,640,000.00
A-5 70,310,000.00 70,310,000.00 0.00 4,072,120.80 4,072,120.80 70,310,000.00 21,500,307.77 843,411,301.81
A-6 70,000,000.00 70,000,000.00 0.00 3,803,333.30 3,803,333.30 70,000,000.00
M-1 47,500,000.00 47,500,000.00 0.00 2,782,708.30 2,782,708.30 47,500,000.00
M-2 45,000,000.00 45,000,000.00 0.00 2,767,500.00 2,767,500.00 45,000,000.00
B 42,500,000.00 42,500,000.00 0.00 2,787,291.70 2,787,291.70 42,500,000.00
R N/A N/A N/A 6,734,885.44 6,734,885.44 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 1,000,000,000.00 1,000,000,000.00 178,089,005.96 57,127,431.91 235,216,437.87 821,910,994.04 21,500,307.77 843,411,301.81
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
A-7IO 70,000,000.00 70,000,000.00 N/A 4,812,500.00 4,812,500.00 70,000,000.00 N/A N/A
(NOT'L)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
- ----------------------------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 532.76993439 39.72358384 467.23006561 A-1 5.79750000% 5.73438000%
A-2 0.00000000 52.58333333 1000.00000000 A-2 6.31000000% 6.31000000%
A-3 0.00000000 53.41666667 1000.00000000 A-3 6.41000000% 6.41000000%
A-4 0.00000000 55.00000000 1000.00000000 A-4 6.60000000% 6.60000000%
A-5 0.00000000 57.91666619 1000.00000000 A-5 6.95000000% 6.95000000%
A-6 0.00000000 54.33333286 1000.00000000 A-6 6.52000000% 6.52000000%
M-1 0.00000000 58.58333263 1000.00000000 A-7IO 8.25000000% 8.25000000%
M-2 0.00000000 61.50000000 1000.00000000 M-1 7.03000000% 7.03000000%
B 0.00000000 65.58333412 1000.00000000 M-2 7.38000000% 7.38000000%
- ----------------------------------------------------------- B 7.87000000% 7.87000000%
TOTALS 178.089006 57.12743191 821.910994 ---------------------------------
- -----------------------------------------------------------
- -----------------------------------------------------------
A-7IO N/A 68.75000000 1000.00000000
(NOT'L)
- -----------------------------------------------------------
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
THOMAS ROLLAUER
THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3881
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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